Creditors may forgive, but the IRS won’t forget. That’s the takeaway for many types of canceled debt. The forgiven debt is often seen as income subject to taxes.
For example, if you are unable to pay your credit card bill and negotiate with the card issuer to a reduced amount, the amount of reduction [...]
heloc
Taxes Due on Cancelled Debt
April 28th, 2008 — , 1099-C, 1099C, Credit and Debt, IRS, bankruptcy proceedings, debt cancellation programs, estimated tax payments, forgiven debt, form 1099, heloc, mortgage, tax payments, taxes from Mike @ richerbytheday
Wealth Accelerators
April 2nd, 2008 — , Credit and Debt, Net Worth, PMI, budgeting, cash flow, financial situation, heloc, high interest, insurance company, interest debt, married man, mortgage, positive cash flow, saving, single guy, two cars from Mike @ richerbytheday
There are many reasons why my finances are in good shape. In coming up with a list of those reasons, I noticed that a few were key to my getting ahead. I call these my wealth accelerators because they have had a dramatic effect on my net worth. Without these I would [...]
Related StoresWhy Cash is Still Relevant to Your Financial Plan
March 24th, 2008 — , Credit and Debt, cash flow, cash reserves, emergency fund, finance charge, heloc, reaction, saving from Mike @ richerbytheday
In the past, I have advocated building a cash emergency fund. By “cash” I mean a liquid form of money which could be actual currency, but preferably would be savings in a high yield direct bank account. There has been some insightful commentary recently that has caused me to re-evaluate my position and [...]
Related StoresCash Registers Banks, Registers Vending Collectibles
Colonial Currency Paper Money US Coins Paper Money
Continue reading → Why Cash is Still Relevant to Your Financial Plan
Credit Card Problems Get Top Billing
September 26th, 2007 — Financial Education, Lending Club, advance, advances, balances, congress, heloc, msnbc, penalty, weisbaum from Mike Smith @ Better Rates. Together.
With all of the other newsworthy events happening each day in the world, you probably wouldn’t expect an article about credit card fees to be the lead story on a major news website. But that’s exactly what happened on the afternoon of Thursday, September 20th. MSNBC.com featured an article on credit card rates by Herb [...]
Related StoresSaving 1.25%
August 6th, 2007 — Financial Education, Lending Club, base, calculations, graph, heloc, offered, reduction, repaid, shows from Mike Smith @ Lending Club
In the course of writing my recent post on how Lending Club rates are comparable with HELOC, an interesting point came up. I noticed when I was calculating the reduction of interest payments that if you could lower your rate by 1.25%, the starting interest rate factored into the savings as well.
At first glance, you [...]
Lending Club Rates Comparable with Home Equity Lines of Credit
August 3rd, 2007 — Financial Education, Lending Club, allowing, comparable, equity, heloc, house, project, traditionally, unsecured from Mike Smith @ Lending Club
Using a home equity line of credit (HELOC) has traditionally been a common way for homeowners to fund home improvement projects. With unsecured P2P loans starting at only 7.45% APR, Lending Club may be able to loan you the money for your next project for even less. Here’s what one Lending Club borrow [...]
Related StoresContinue reading → Lending Club Rates Comparable with Home Equity Lines of Credit
